Question: Using the information from 'Objective Test Question 3' above, apply the minimax regret rule to decide which product should be made. Data from Objective Test

Using the information from 'Objective Test Question 3' above, apply the minimax regret rule to decide which product should be made.

Data from Objective Test Question 3

A company is choosing which of three new products to make $(A, B$ or $C$ ) and has calculated likely pay-offs under three possible scenarios (I, II or III), giving the following pay-off table.

Profit (loss) Scenario Product chosen A B C 20 80 10 II

Profit (loss) Scenario Product chosen A B C 20 80 10 II 40 70 100 III 50 (10) 40

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